HARTFORD, Conn., March 28, 2008 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of Texas on behalf of all persons who purchased the common stock of TETRA Technologies, Inc. ("TETRA" or the "Company") (NYSE:TTI) between January 3, 2007 and October 16, 2007, inclusive (the "Class Period").
The Complaint charges that TETRA and certain of its officers and directors violated federal securities laws. Specifically, the Complaint alleges that Defendants issued materially false and misleading statements and failed to disclose the following adverse facts which were known to defendants or recklessly disregarded by them: (i) that the Company's Well Abandonment and Decommissioning ("WA&D") division was not performing according to internal expectations; (ii) that the Company failed to timely take a charge for insurance receivables which remain uncollected; and (iii) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.
On August 3, 2007, the Company announced its financial results for the second quarter of 2007 and reduced its full year 2007 earnings guidance because of, among other things, poor profits at its WA&D services. Shares of TETRA stock fell 25% following this announcement. Then, on October 16, 2007, TETRA issued a press release announcing that it was withdrawing its previously estimated full year 2007 earnings guidance because of, among other things, the Company's concern that it would have to take a charge to earnings for substantial uncollected insurance receivables. In response to this announcement, the price of TETRA common stock fell an additional $1.76 per share, or approximately 8%, to close at $19.86 per share.
If you are a member of the class, you may, no later than May 27, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Schatz Nobel Izard P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website: www.snilaw.com.